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A Guide to Dating Your Bank

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When it comes to looking for love, we all want to explore our options, and make sure we end up with someone who makes sense, right?

But when Marcus asked folks if they did the same when it came to banking – which, let’s be real, who you share your money with is pretty personal – 52% of Americans polled said they have not tried out different banks. 

So what’s a consumer to do? We’ve got you covered and put together a list of questions that can help you figure out what you want from your relationship with your bank.

Start with asking yourself a few questions…

What sort of relationship do you want this to be?

Are you looking for a fling? Maybe a cash bonus you’ll stick around for, and then seek out a new bank? Or are you looking for something more long term that can provide you constant value through thick and thin?

If you’re thinking this is for the long haul (or even a fling), do a little investigating and make sure your banking match is worth your time and investment. Why? Because 52% of Americans that we polled said they think their relationship with their primary bank will last longer than 10 years.

In other words, if you’re going to spend a decade keeping your money at a bank, it could literally pay to go the extra step and read beyond the homepage to see if a prospective bank lives up to your expectations.

What are your #moneygoals? Can your bank offer you the right relationship?

What are your goals in life? Think about what money really does for you now and what you want it to do for you in the future.

Are you focused on long-term security for you and your family? Having enough money to afford a certain lifestyle? Maybe both? And… can the bank you’re eyeing help you meet those goals?

52% of Americans polled said they have not tried out different banks.  

You should expect to get something in return from this relationship. And no, we don’t just mean a free cookie or two every time you visit a branch. We’re talking something real – an annual percentage yield (or APY) that helps you make the most of your savings. And if you’re taking out a loan, look for the annual percentage rate (or APR), which effectively tells you the total yearly cost of borrowing money.

Many of the largest banks might give you a rate close to zero for parking your money with them in a savings account. So shop around and compare (we’ve even got a calculator for that). You want it to be clear about what you’ll get out of this relationship.

What qualities are you looking for in a banking partner?

Think banks are basically the same? Think again. Here are just a few things you might want to look into when looking at a prospective bank’s profile…

  • How experienced is this bank? Do you really want someone who is brand new to the banking scene, or someone with years of experience? And while new can be exciting, experience has value that includes a track record of how much follow-through a bank has.
  • Is this a safe place to keep your money? Hint: check that it’s FDIC-insured. How do they protect their website?
  • Are they easy to get in touch with? Will this bank pick up the phone when you call? And further, will there be a human on the other end of the line? How supportive will they be when you have questions, or just want to talk something through?
  • What can you learn from this bank? Do they provide helpful tools and resources that go beyond their products, like articles on how to save for retirement, what it means to diversify your assets, and how things like APY work
  • Experienced

When you bank with Marcus, you’re working with Goldman Sachs Bank USA which is backed by 150 years of Goldman Sachs’ financial expertise.

  • Safe and trusted

Savings accounts and CDs are FDIC insured. We also use multi-factor authentication SSL encryption, firewalls, and other safeguards.

  • Provides value

The free Marcus app gives customers another way to transfer funds, manage accounts and track payments. Plus, our resources page is filled with information about everyday financial questions and challenges.

  • Accessible

We’re here to help – seven days a week – and we’ll do our best to provide an answer or solution.

Now, ask your banking prospects the following questions…

What can this bank offer you?

We mean this quite literally. As in, what sort of products do they have?

High-yield savings accounts, CDs, personal loans… the list goes on. Again, think back to what you want out of this relationship and see if the bank can help you achieve your goals.

If it looks like their services could be a match, scrutinize what you’re going to get. For savings this means looking at the APY, and for loans that’s APR. For both, you’re going to want look at any and all fees and requirements. 

Are they upfront about things, or are you in for surprises?

Surprise fees and hard-to-find requirements aren’t fun. Check out a bank’s website and see how they describe their services. If it feels like you’re struggling to find answers, it could signal that communication isn’t a strength. 

What sort of background does this bank have?

Let’s be real: how your bank looks on paper matters. Would you be proud to tell your parents about this bank? Would you recommend this bank to your friends?

Some proof points that could help you explain why your bank is worth sharing could be awards and customer feedback, in addition to things like few (if any) fees, favorable rates and clear communication.

Is Marcus your match?

Marcus, a brand of Goldman Sachs Bank, USA, is just as enthusiastic about welcoming new customers as we are about supporting current ones. To be honest, we’ve got our eye on going beyond just a 10-year relationship. We’re in this for the long haul and we’ve built our business and services with this in mind.

So, are we your banking match? Our Marcus profile could help you decide:

  • Experienced

When you bank with Marcus, you’re working with Goldman Sachs Bank USA, which is backed by over 150 years of Goldman Sachs’ financial expertise.

  • Safe and trusted

Savings accounts and CDs are FDIC insured. We also use multi-factor authentication, SSL encryption, firewalls, and other safeguards.

  • Provides value

The free Marcus app gives customers another way to transfer funds, manage accounts and track payments. Plus, our Resources section is filled with information about everyday financial questions and challenges.

  • Accessible

We’re here to help – seven days a week – and we’ll do our best to provide an answer or solution.

  • Experienced

When you bank with Marcus, you’re working with Goldman Sachs Bank USA which is backed by 150 years of Goldman Sachs’ financial expertise.

  • Safe and trusted

Savings accounts and CDs are FDIC insured. We also use multi-factor authentication SSL encryption, firewalls, and other safeguards.

  • Provides value

The free Marcus app gives customers another way to transfer funds, manage accounts and track payments. Plus, our resources page is filled with information about everyday financial questions and challenges.

  • Accessible

We’re here to help – seven days a week – and we’ll do our best to provide an answer or solution.

Happy Valentine’s Day 

Roses are red, violets are blue, there’s no easy way to break up with your bank…so we made it easy for you. For those looking to say goodbye to their financial partner because of their low interest rates, Marcus by Goldman Sachs has created downloadable cards that will do the breaking up for you. And for those too shy to tell their financial partner (ahem Marcus) how much they love them; we have cards for those too. Happy Valentine’s Day!

Love Marcus? Send us a card!

Want to break up with your financial partner? Send them a card!

Love Marcus? Send us a Card!

Love Marcus? Send us a Card!

This article is for informational purposes only and is not a substitute for individualized professional advice. Articles on this site were commissioned and approved by Marcus by Goldman Sachs®, but may not reflect the institutional opinions of The Goldman Sachs Group, Inc., Goldman Sachs Bank USA or any of their affiliates, subsidiaries or divisions.